Cobranding is catching on in Hawaii. First Hawaiian Bank of Honolulu and Aloha Airlines are offering that state's first such credit card.

The new MasterCard, called Aloha AirAwards, was introduced in August and is good for travel between six major Hawaiian islands.

Unlike national frequent-flier programs, which require at least 25,000 points before an airline ticket is awarded, First Hawaiian's spending threshold is low.

Edward Y.W. Pei, senior vice president of the bank's electronic banking division, said, "Our program offers rewards at much more attainable levels than the national carriers."

Customers must spend a minimum of $7,500 with their Aloha AirAwards card in order to receive a round-trip ticket on Aloha Airlines.

First Hawaiian, which also pioneered the photo card 20 years ago, negotiated partnerships with hotels, resorts, and car rental companies to give its cardholders additional benefits.

The Aloha AirAwards card comes with a 16.5% interest rate.

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